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Binance CEO reveals ban on futures trading for staff, amid insider trading claims

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TL;DR Breakdown

  • Changpeng Zhao, the CEO of Binance, has revealed that all employees of Binance, including himself, are now barred from participating in futures trading.

Description

Changpeng Zhao, the CEO of Binance, has revealed that all employees of Binance, including himself, are now barred from participating in futures trading. The move is a part of the cryptocurrency exchange’s ongoing endeavors to prioritize integrity and prevent potential conflicts of interest within its workforce. Binance prohibited from futures trading Zhao revealed that the … Read more

Changpeng Zhao, the CEO of Binance, has revealed that all employees of Binance, including himself, are now barred from participating in futures trading. The move is a part of the cryptocurrency exchange’s ongoing endeavors to prioritize integrity and prevent potential conflicts of interest within its workforce.

Binance prohibited from futures trading

Zhao revealed that the exchange’s employees, including him, are prohibited from futures trading, and the product testing team has a specially assigned quota account. However, he revealed that they hold.  

The exchange’s policy requires employees to maintain positions for 90 days before trading, promoting long-term cryptocurrency investments. The company has established an internal security team to monitor employee trading across multiple platforms to enforce these guidelines.

Any employee found violating these rules will face termination. Zhao’s tweet and announcement of these internal rules demonstrate the exchange’s commitment to fostering accountability and responsible trading. By deterring futures trading and closely monitoring employee activities, it aims to strengthen its reputation as a reliable and trustworthy cryptocurrency exchange.

Zhao’s announcement demonstrates a significant stride towards transparency, accountability, and ethical conduct within the cryptocurrency exchange. This self-regulation sets a precedent for responsible business practices in the digital asset world.

Recently, Binance froze more than $2 million due to a suspected insider trading controversy. The catalyst for this action was a tweet from Fat Man Terra, a well-known cryptocurrency trader and influencer, who raised allegations that Binance had facilitated insider trading activities on its platform.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. 

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